NEW YORK--(BUSINESS WIRE)--Jan. 23, 2003--Enzo Biochem, Inc. (NYSE: ENZ - News), a leading biotechnology company specializing in gene regulation and immune regulation technologies for diagnostic and therapeutic applications, today reported to shareholders attending the annual meeting here that it expects continued progress this year in both operating results and new product development.
Barry W. Weiner, President of Enzo, told the meeting that the outlook is enhanced by continued strong demand for its proprietary products from the genomics research market, a turnaround at Enzo Clinical Labs, the Company's reference laboratory, and products going into advanced clinical trials. In addition, he said that the Company's debt free balance sheet, strong positive cash flow and cash position, now exceeding the $73 million reported as of October 31, 2002, puts Enzo in a highly liquid capital position to foster future growth.
Enzo said plans were now underway for inauguration of a double-blind Phase II trial of the Company's immune regulation product for Crohn's disease, a highly debilitating intestinal illness that affects approximately 500,000 people in the U.S. alone. The Company said the Phase I trial for its Crohn's treatment indicated a high success rate in meeting the program's end points for safety and efficacy. "Our approach enables the body's own machinery to create antigen specific adjustments in its immune system, and we believe that it will lead to a whole new class of personalized medicine," said Dean Engelhardt, Ph.D., an Executive Vice President. Data from the Phase I study is expected to be discussed at an upcoming medical conference.
Enzo also told shareholders that it is hopeful that the recent action of the U.S. Food & Drug Administration temporarily placing a clinical hold on certain active gene therapy trials would not unduly further delay the Company's HGTV43 HIV medicine. It added that its HGTV43 StealthVector(TM) delivery system differs in material respects from the construct used in the French gene study that prompted the FDA's action. The Company reiterated that none of the subjects in Enzo's HGTV43 Phase I trial in up to three years of follow-up have shown any evidence of treatment-related serious adverse events, including leukemia. Enzo said it is continuing with plans to move forward with its Phase I-II trials of HGTV43.
"We are delighted with the achievements Enzo continues to make on all fronts," said Mr. Weiner. "We anticipate that fiscal 2003 will be another year of growth, and that Enzo will realize further progress in its development of therapeutic and life science products. Enzo is truly a unique biotech company, one that has enormous potential."
At the meeting, shareholders re-elected Elazar Rabbani, Ph.D., Enzo's Chairman and CEO, and John B. Sias, as Directors. The accounting firm of Ernst & Young, LLP, was approved as auditor for fiscal 2003.
About Enzo Biochem
Enzo Biochem is engaged in the research, development and manufacture of innovative health care products based on molecular biology and genetic engineering techniques, and in providing diagnostic services to the medical community. The Company's proprietary labeling and detection products for gene sequencing and genetic analysis, with approximately 200 patents worldwide, are sold to the life sciences market throughout the world. The Company's therapeutic division is conducting clinical trials of its proprietary gene medicine for HIV-1 infection and clinical trials of its proprietary immune regulation medicines for hepatitis B and hepatitis C infection and for Crohn's Disease. The Company also holds a patent covering a method and materials for correcting point mutations or small insertions or deletions of genetic material that would allow for editing and correcting certain abnormalities in genes. For more information visit our website www.enzobiochem.com.
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.